Stainless Steel Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Stainless Steel Market Analysis

Stainless steel is an alloy made up of iron with 10.5% chromium. In addition, it consists of a varying amount of carbon, silicon, nickel, manganese, and molybdenum. These elements are added to enhance the properties of stainless steel such as formability and corrosion resistance. They are hard, strong, and slightly brittle but can be hardened by heating. The key property of stainless steel provides corrosion resistance by forming a very thin layer of chromium oxide on the surface of the steel.

COVID-19 impact analysis

• The global market for stainless steel is severely impacted by the outbreak of the COVID-19 pandemic.
• The suspension in the steel production largely affected the stainless steel industry across the globe.
• In the U.S., Liberty Steel Georgetown was closed from March to August 2020 due to reduced demand and rapid spread of the virus in U.S..
• Countries across the globe imposed national lockdowns during the pandemic, which completely stopped the production of automotive in the U.S. and Europe, thus reducing the demand for stainless steel.
• Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
• Thus, restrictions on cross-border imports and exports further negatively impacted the market growth. For instance, in Vietnam, steel exports fell by 38% from previous year reaching 300k tons, according to Vietnam Steel Association (VSA).
• However, surge in demand for stainless steel ventilators, oxygen cylinders, and hospital beds will positively impact the market growth. 
• Industries with reduced or low demand such as automotive and metal manufacturers may start producing ventilators, hospital beds, and other metal products during this pandemic. Such shifting trend may improve the market scenario for stainless steel.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis:

The unique properties of stainless steel such as high ductility, high toughness, and low maintenance lead to high demand for the product. The stainless steel consists of chromium which has a premium function. Increase in rate in new construction is driving the growth of the market. Furthermore, it is used in valves, pistons, cutlery, and compressor parts of machines in the food industry. Furthermore, construction of swimming pools and hot water tanks structures boosts the demand for stainless steel. The anticipated demand for stainless steel will lead to significant growth of the global market during the forecast period. However, increase in usage of its alternative such as carbon fibers can hampers the growth of the stainless steel market. As carbon fibers are more lightweight and have high load-bearing capacities, they reduce the weight of transport vehicles more than 30%, thus increasing the demand for stainless steel. 

Key benefits of the report

• This study presents the analytical depiction of the global stainless steel market industry along with the current trends and market estimation to determine the imminent investment pockets.
• The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the stainless steel market share.
• The current market is quantitatively analyzed  to highlight the stainless steel market growth scenario.
• The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years.
• This report helps users in comprehending the key product segments and their future.

Questions answered in the global stainless steel market research report:

• Which are the leading players active in the global stainless steel market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What should be the response of the stainless steel market players amid the COVID-19 pandemic?
• What are the projections for the future that would help in taking further strategic steps?
• What is the outlook of the industry?
• What are the emerging key segments in the stainless steel market?
• What are the major changes and assessments in market dynamics?

 Stainless Steel Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights